Worksheet – Class 9 Economics Chapter 11: Why Choices Matter – The Basics of Economics
Worksheet – Class 9 Economics Chapter 11: Why Choices Matter – The Basics of Economics Section A – Very Short Answer (1 mark each) What is scarcity? Why do choices arise in economics? Give one example of limited resources. What are unlimited wants? Define opportunity cost. What is a trade-off? Who are economists? What is production? What is consumption? What is distribution? Name any one central problem of an economy. What is a market economy? What is a planned economy? What is a mixed economy? What is welfare? Section B – Short Answer Questions (2–3 marks each) Explain scarcity with an example. Why are human wants unlimited? What do you understand by opportunity cost? Give an example. Explain the concept of trade-off. What is the role of economists? Define production, distribution, and consumption. What is meant by “What to produce”? Explain “How to produce”. What does “For whom to produce” mean? Give two features of a market economy. Give two features of a centrally planned econ...